3 ms·

we are extremely good at services, invention, and economic planning. your claim about financial services producing/doing nothing seems more virtue signal than b

• CPLX 2y ago
  I would have thought the pandemic would have woken people up a little bit. No you can’t just consider “owning stuff” and “moving assets around on spreadsheets” to be the same thing as international power. China isn’t confused about this at all and they don’t make idiot mistakes like letting hostile foreign powers own or control the core means of production needed for their population to prosper. Good luck with your fucking economic planning business when Taipei is being shelled from three directions.
• freeone3000 2y ago
  Mobile services, like software, are mobile. Nothing ties them to their consumers. Non-mobile services, like healthcare and hairdressers, aren’t exportable. (And calculations are entirely COL-based; 20% inflation causes a 20% rise in cost of haircuts which causes a 20% rise in their contribution to GDP). Counting non-tangible, immobile, non-exportable goods is not useful as a measure of productivity. As for financial services: what do they make. It’s a lot of “value” entirely generated by accounting. There’s nothing tangible backing it; KPMG’s accounts might as well be in cryptocurrency for all that they can be used to materially improve lives. You can’t eat a futures contract and you can’t make anything with a credit default swap. The financial system is all musical chairs.